IndusInd Bank Personal Loan Eligibility Criteria 2022

IndusInd Bank is one of the premier ‘next-gen’ private sector banks in India. The bank offers flexible personal loans for salaried and self-employed individuals under multiple categories, such as Personal Loans for Medical Expenses, Personal Loan for Education, Personal Loan Balance Transfer, Personal Loan for Wedding, and Personal Loan for Home Renovation, to cater to their specific needs. You can Get a Personal Loan of Rs. 50,000 up to Rs. 25 lakhs from IndusInd bank with minimum documentation and competitive interest rates. You can repay the loan as per your convenience through various repayment modes – IndusInd Bank account debit or ECS from another bank you have accounts with – during the loan tenure ranging from 1 to 5 years. The bank offers free-of-cost doorstep services, and you don’t need to provide collateral to get a personal loan from IndusInd bank. 

IndusInd Bank offers a personal loan for both salaried professionals and self-employed individuals at attractive interest rates. Borrowers need to meet the following eligibility criteria to get a Personal Loan from IndusInd Bank.

Age	Minimum age of the applicant should be 21 years at the time of application  Maximum age at personal loan maturity should be 60 years or retirement age (whichever is low)
Minimum income	Net monthly income should be at least Rs. 25000
Credit score	Should have a good credit score
Total work experience	Should have a minimum of 2 years of work experience and a minimum of 1 year in the current organization
Loan tenure	From 12 to 60 months
Residential status	Indian
Interest rate	11.25% onwards

Self-employed professionals include doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers, and MBA consultants.

Age	Minimum age of the applicant should be 25 years at the time of application  Maximum age at personal loan maturity should be 65 years
Minimum income	Net monthly income post tax should be at least Rs. 4.8 lakh per annum
Credit score	Should have a good credit score
Total work experience	Should have a minimum of 4 years of work experience post degree
Loan tenure	From 12 to 60 months
Residential status	Indian
Interest rate	11.25% onwards

Self-employed non-professionals include sole proprietors, directors and partners in the business of manufacturing, trading or services.

Age	Minimum age of the applicant should be 25 years at the time of application  Maximum age at personal loan maturity should be 65 years
Minimum income	Net monthly income post tax should be at least Rs. 4.8 lakh per annum
Credit score	Should have a good credit score
Total work experience	Should have 5 years of work experience
Loan tenure	From 12 to 60 months
Residential status	Indian
Interest rate	11.25% onwards

Age: Age is a very important factor that influences your eligibility for a personal loan. Younger applicants who are in their early 20s are more likely to qualify for a personal loan than people who are in their 50s, because young ones have enough time to earn and repay the loan. 

Monthly income: Income is the direct reflection of repayment capacity. Generally, income depends on the city you live in and the lenders you are applying with. The higher your income, the better for you. 

Credit score: Since a personal loan is an unsecured loan, credit score plays a crucial role in application for a personal loan. Credit score shows how responsible you are in handling your debts.  Generally, a credit score of 750 or above is considered perfect for a personal loan. 

Job and work stability: Job stability and the organization you work with are amongst the most important factors that lenders look into before processing a personal loan application. It gives a clear picture of a regular stream of income. Salaried individuals should have at least 2 years of work experience and should have worked for at least 1 year in their job. A self-employed person needs to have a minimum of 5 years of total experience and at least 2 years of experience in their current business.  

Here is the checklist of documents required for a personal loan from IndusInd bank:

For salaried employees

• Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card 
• Address proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in the loan application form
• Income proof: Salary slips for the last 3 months along with salary certificate and latest Form 16
• Bank statement: Bank statement showing salary being credit for the last 3 months 

For self-employed professionals

• Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card 
• Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
• Business address proof
• Proof of qualification: Highest professional degree
• Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant 
• Bank statement: Business (current account) statement for latest 6 months
• Profession continuity proof 

For self-employed individuals

• Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card 
• Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
• Business address proof
• Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant 
• Bank statement: Business (current account) statement for latest 6 months
• Business continuity proof
• Additional documents: 
• Sole proprietorship declaration
• In case of partnership: Certified copy of partnership deed /certified copy of MOA, AOA and Board resolution 
• Latest 2 years partnership firm's B/S, P&L a/c with all schedules certified by a CA in case income comes from partnership firm

Applying for a personal loan on Afinoz is very easy. You can apply for a personal loan by clicking ‘Apply Now’ button on the personal loan page. Now fill the short and simple personal loan application form to check your eligibility. You will receive exclusive offers from multiple lenders, including IndusInd bank, based on your eligibility.  As per the requirements and offers, you can apply for a personal loan from IndusInd bank. 

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